Using the information below, choose the correct answers.
Amount: $100,000
Rate: 7%
Payments: 360 @ $665.31
Total Interest: $139,511.60
How much will be repaid for this loan? $
What percentage of this total is total interest?
What will be the average amount per payment for interest? $
To calculate the amount that will be repaid for the loan, you can simply subtract the total interest from the original loan amount:
Amount to be repaid = Amount - Total Interest
= $100,000 - $139,511.60
= -$39,511.60
It seems there may be an error in the calculation, as the amount to be repaid is negative. Please double-check the given information or calculations.
To find the percentage of the total that is the total interest, we can divide the total interest by the amount and multiply by 100:
Percentage of total interest = (Total Interest / Amount) * 100
= ($139,511.60 / $100,000) * 100
= 139.5116%
Thus, the percentage of the total that is the total interest is approximately 139.5116%.
To calculate the average amount per payment for interest, we can divide the total interest by the number of payments:
Average amount per payment for interest = Total Interest / Number of Payments
= $139,511.60 / 360
≈ $387.53 (rounded to the nearest cent)
Therefore, the average amount per payment for interest is approximately $387.53.